For large areas and stubborn jobs, I made myself a someting similar , a heavy duty iron from a bar of copper rod, and heat it up really good with a propane torch.
You may need something like this in order to maintain heat for larger jobs.
For reverse feature, The switch should have 6 terminals DPDT, (image IMG_ 4824.jpg)
The -/+ power goes to centre two the motor is fed from one end or the other, a connection is made from the remaining two bur crossed over,
see pic
That is a DC brushed motor, by the look of it you would normally use a SW with centre-off as it is not good to go from one direction to another without stop. the motor that can do this without pause is a stepper motor.
Some are easier than others, simply because someone has taken the time to do a 'Reverse-engineering' of the motor board, where most of the faults occur.
They practically all use a DC motor and Mosfet or other phase angle control.
I did a similar project for a member of a similar site to this, he had three banks of LED's he wanted a slow phase in phase out of each bank color in turn, so only two banks were actually in action at any one time over the three colors.
I ended up using a small 8 pin PicMicro with Peripheral...
If no power on then you would only see a result if it was a passive device such as the magnetic version, and then it would likely be a contact closure, otherwise a optical type for e.g. you would see no difference.
The two wire connection indicates it could be a optical unit, or even magnetic sensor, either way, the signal would likely be just 0v to whatever the sensor supply is, i.e. , LV DC .
You may have to turn it really slow to see the square wave out put.
If you want a AC motor/VFD matched pair and have a local rep for WEG motors and VFD's , they get their engineering dept to look it over and suggest a matched pair for you !
Trace from the AC terminals and sketch a bit of a diagram as you go.
Typically it leads to either a bridge rectifier for DC or a single diode and large electrolytic capacitor.